SAO PAULO, Sept 18 (Reuters) - TPI Triunfo Participações e Investimentos SA, the debt-laden Brazilian infrastructure firm in the middle of a out-of-court workout, plans to buy back up to 6.5 percent of outstanding stock to stem a 15 percent price decline over the past six months.
In a Monday securities filing, Triunfo’s board said the company aims to repurchase as many as 4.708 million common shares over the next 18 months. It hired Grupo BTG Pactual SA to conduct the repurchase, the filing said.
Shares of Triunfo shed 0.8 percent to close at 3.57 reais. At current prices, the repurchase plan could return about 17 million reais ($5.4 million) to shareholders.
$1 = 3.1356 reais Reporting by Guillermo Parra-Bernal; Editing by Richard Chang